The event will begin shortly.

Ken Levy
Vice President, Investor Relations
 Today's Agenda & Speakers
Matt Desch
Bryan Hartin
Scott Scheimreif
Break
Emily Miller
Suzi McBride
Tom Fitzpatrick
Q&A
Reception
 Safe Harbor Statement
This presentation contains statements about future events and expectations known as “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). Iridium Communications Inc. (“Iridium” or the “Company”) has based these statements on its current expectations and the
information currently available to it.

Forward-looking statements in this presentation include statements regarding expected service revenue growth, Operational EBITDA, capital
expenditures, free cash flow, FCF yield and FCF conversion, cash taxes and leverage levels; potential returns to shareholders, including dividends,
share buybacks and strategic investments; amount and timing of share repurchases; expected growth and competitive factors in the mobile
satellite services segment; contracted U.S. government revenues; the market for, capabilities of, and growth prosects for new products and
services, such as Iridium Certus®; the capabilities and benefits of and the market for the Aireon® system; and Aireon’s financial impact on Iridium.
Other forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely,"
"will," "to be" and other expressions that are predictions of or indicate future events, trends or prospects. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ
materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, uncertainties regarding expected Operational EBITDA margin, growth in subscribers and revenue,
levels of demand for mobile satellite services, the market for the Aireon hosted payloads, the ability of Aireon to pay its hosting fees, the
development of and demand for new products and services, including Iridium Certus, the Company’s ability to complete its share repurchase
programs, and the Company’s ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and
economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ
materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors“ in the Company’s
Form 10-K for the year ended December 31, 2022, filed with the SEC on February 16, 2023, as well as other filings Iridium makes with the SEC
from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if
Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof unless otherwise
indicated. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements after the date they are made,
whether as a result of new information, future events or otherwise
 Non-GAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company provides Operational EBITDA, Operational EBITDA
margin and Pro Forma Free Cash Flow, which are non-GAAP financial measures, as supplemental measures to help investors evaluate the Company’s
fundamental operational performance. Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, equity income
(loss) from investments, net, share-based compensation expenses and, for periods presented through the first quarter of 2020 only, certain expenses
associated with the construction of the Company’s Iridium NEXT satellite constellation, primarily in-orbit insurance. The Company considers the loss on early
extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from
Operational EBITDA. Such charges are incidental to, but not reflective of, the Company’s day-to-day operating performance. The Company also presents
Operational EBITDA expressed as a percentage of GAAP revenue, or Operational EBITDA margin. In addition, the Company presents Pro Forma Free Cash
Flow, which subtracts non-cash hosted payload revenue, pro forma net interest, and normalized capital expenditures, working capital and cash taxes from
Operational EBITDA. The Company uses Pro Forma Free Cash Flow to measure the Company’s capacity for deleveraging and other shareholder-friendly
actions. Operational EBITDA, along with its related measure, Operational EBITDA margin, and Pro Forma Free Cash Flow, do not represent, and should not be
considered, alternatives to U.S. GAAP measurements such as net income or loss. In addition, there is no standardized measurement of Operational EBITDA or
Pro Forma Free Cash Flow, and the Company’s calculations thereof may not be comparable to similarly titled measures reported by other companies. The
Company believes Operational EBITDA and Pro Forma Free Cash Flow are useful measures across time in evaluating the Company’s fundamental core
operating performance. Management also uses Operational EBITDA to manage the business, including in preparing its annual operating budget, debt covenant
compliance, financial projections and compensation plans. The Company believes that Operational EBITDA and Pro Forma Free Cash Flow are also useful to
investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar
industries. As indicated, Operational EBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the
Company’s definite-lived intangible assets, or depreciation expense on the Company’s capital assets, which are necessary elements of the Company’s
operations. Since Operational EBITDA does not account for these and other expenses, its utility as a measure of the Company’s operating performance has
material limitations. Pro Forma Free Cash Flow further adjusts Operational EBITDA by subtracting pro forma net interest, cash from hosted payloads, and
normalized amounts of capital expenditures, working capital and cash taxes. The actual amounts of these pro forma and normalized measures may vary from
year to year. Due to these limitations, the Company’s management does not view Operational EBITDA or Pro Forma Free Cash Flow in isolation, but also uses
other measurements, such as net income (loss), revenues, operating profit and cash flows from operating activities, to measure operating performance. Please
refer to the schedule in the Appendix for a reconciliation of consolidated GAAP net loss to Operational EBITDA and Pro Forma Free Cash Flow and Iridium’s
Investor Relations webpage at www.iridium.com for a discussion and reconciliation of these and other non-GAAP financial measures. We do not provide a
forward-looking reconciliation of expected full-year 2023 Operational EBITDA or Pro Forma Free Cash Flow guidance as the amount and significance of special
items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.
Non-GAAP Financial Measures
Matt Desch
Chief Executive Officer
How did we get here?
The Beginning of a System
 Long-Term Track Record of Growth
Serving
Total Service Revenue ~2.2M
($ millions) Customers

3E ) 1
2 0 2 $588
17-
R (20
G
% CA
9 .2

$213

Iridium NEXT Era

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
1. 2023 Service Revenue reflects the mid-point of Iridium's full-year forecast, quoted as growth between 9 – 11% in 2023.
 A Unique Cyclical Capital Profile
Capital Expenditures and OEBITDA Over Time

CapEx $460M1
OEBITDA

~$4B
Legacy Iridium
Investment N3XT
CapEx Holiday Iridium NEXT CapEx Holiday

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

1. 2023 OEBITDA reflects the mid-point of Iridium's full-year forecast, quoted as between $455M and $465M in 2023.

21
 Market Value Growth 2010-2023
Market Capitalization

$7.4B
$6.1B

$600M

2010 2015 2020 2025 2030

What did we create?
An Innovation
Engine for
Growth!
We and Our Partners Innovate Across Many Markets
Personal
Communications

Transportation &
Delivery

Industrial

Global Governments
U.S. Government

Aviation

Maritime

Emergency

Research
Polar

Autonomous Systems

Energy
1.5 MILLION
>60,000 SOLD
32% 5-YR REVENUE CAGR
250,000 SUBS
 14,000 BROADBAND
TERMINALS

80% OF SOLAS-CLASS
70,000 SUBS
9% 5-YR REVENUE CAGR

1.6M ACTIVE SUBS

~185,000 SUBS
45% 5-YR SUB CAGR
>140,000 SUBS
Where are we going
from here?
 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

VECTORS MIDBAND
THROUGH
BROADBAND

2030 USG SERVICES

A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

VECTORS MIDBAND
THROUGH
BROADBAND

2030 USG SERVICES

A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

DIRECT-TO-DEVICE
 D2D Approaches
Smartphone Mobile Network Satellite Network
Centric Operator Centric Operator Centric
Approved
Spectrum? Yes - MSS No - by Market Yes - MSS

Network Existing New Constellation New Constellation

Coverage Regional / Global Regional Global

Services SOS, Messaging 3G/4G? 5G NTN

Expected Now / Soon 3 – 5 Years 7 – 10 Years

Availability
D2D Market Size…

Will be Determined
by User Experience

Service Quality
One person in remote area / forest
Cost to End User Other person using heavy equipment
Service Consistency Questions on other side

Outdoor Only?
Data Speeds & Latency
Regional vs Global Use
…and many more
Multiple D2D Approaches are Likely
• Global SOS and Messaging are core requirements

• Will continue to augment regional MNO-based offerings when available

• Apple is driving the market – others will have to react to differentiate

• 5G directly from space is potentially exciting, but …

• Limited spectrum, uncertain business case, and will be a long payback
for investors if new network

• Unlikely to make an impact this decade

• Iridium will consider utilizing 5G standards with our next network…

Iridium is Positioned Well in this Growing Market Segment…

 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

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A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

We Really Like Our Current Investments
The global leader in aircraft surveillance services

The best global alternative and support for

Position, Navigation & Timing (PNT) to GNSS/GPS

Improved accuracy for GNSS/GPS using Iridium

Each Generates Incremental Revenues while Building Potential Equity for Future Value
THOUGHTS ON POSSIBLE FUTURE M&A…
 Iridium Acquisition Interests
• Very few. No need to acquire for inorganic growth
• Not interested in acquiring partners – our go-to-market execution
has been optimal
• Would consider acquisitions that would enhance subscriber capacity
over very long term
• Expecting more opportunities to evolve in future – industry
overinvestment over last 10 years
• Business/Culture integration critical to any acquisition’s success
EXPANDING OUR IoT OPPORTUNITY
WITH STANDARDS-BASED 5G
NARROWBAND IoT (NB-IoT)
FROM SPACE
52
Iridium IoT vs New Narrowband IoT (NB-IoT)
New Satellite NB-IoT

BENEFITS DRAWBACKS
• Low Latency
• Low Device Cost • Spectrum – Lease?
• High Reliability
• 3GPP Standard • High Latency
• Global Coverage
• MNO Support • Reliability Uncertain
• Established, Large
Partner Ecosystem • Established • Operator Financial
Ecosystem Uncertainty

Services are Complementary – NB-IoT Expands the Market Opportunity

 Global Market Opportunity

Connections 2022 2030E Just a 1% market

capture of 2030
Cellular IoT (All) 3.2 B 7.1 B terrestrial NB-IoT
subscribers across
NB-IoT 0.7 B 1.9 B various industries would
result in $115M in new
Satellite IoT (All) 5.9 M 65.4 M service revenues(*). The
total market is likely
Iridium IoT 1.5 M much larger…

* Based upon estimates of $1 ARPU

Source: Johan / Berg Insight (2023) & Statista (2022)
per month and 50% revenue share
with MVNO or other channel.
New Market Entrants Have a Long Way to Go…
Proprietary Standards-Based

We Believe a Standards-Based Approach (Particularly NB-IoT)

Provides the Best Potential Returns
Iridium’s New Plan for 5G NB-IoT Implementation
• Iridium has the most powerful satellite constellation, a strong partner
ecosystem, and the best brand for reliability & service quality, so…
• We now believe we can implement 5G NB-IoT on our current
constellation
• Our satellites are flexible and programmable
• Intersatellite links will allow the lowest latency and best coverage compared to
new smallsat networks
• Takes advantage of our $3B Iridium NEXT investment and network lifecycle

• Strong support / encouragement from current IoT partners

So…we are NOT looking at this time to invest in an existing

NB-IoT constellation startup…
 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

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BROADBAND

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A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

 Expectations to 2030…

~$1B in Annual
Service Revenue
in 2030
 Expectations to 2030…

Capacity for ~$3B in

shareholder returns
through 2030
Bryan Hartin
EVP, Sales & Marketing
What’s happened since
last Investor Day?
PERSONAL COMMUNICATIONS GROWTH
 Personal Communications Growth
Subscriber Growth

NEARLY 900K SUBS of ~45%

AGR
C

~45% CAGR
OVER THE LAST 5 YEARS
2017 2018 2019 2020 2021 2022

Total Personal Communications subscribers as of last day of each year or calendar period indicated.
has context menu
QUALCOMM PARTNERSHIP
LAUNCHED MIDBAND
LAUNCHED IRIDIUM GO! exec
 Accelerating Growth
OVER

2 MILLION
TOTAL COMMERCIAL SUBSCRIBERS
Delivering Results with Consistent Performance and Accelerating Subscriber Growth
Where are we going
from here?
 Iridium’s Proven Growth Model

INNOVATION /
FOCUSED &
ENABLING
DISCIPLINED
TECHNOLOGY

EXPERIENCED CONSISTENT &

& TRUSTED CONFIDENT

COMMITTED TO IRIDIUM’S WHOLESALE BUSINESS MODEL

 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

VECTORS MIDBAND
THROUGH
BROADBAND

2030 USG SERVICES

A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

VECTORS MIDBAND
THROUGH
BROADBAND

2030 USG SERVICES

A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

VECTORS MIDBAND
THROUGH
BROADBAND

2030 USG SERVICES

A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

IoT & PERSONAL COMMUNICATIONS
IoT/Personal Communications – Iridium’s Top Growth Engine

NSR Market Projection: 2023-2030 Today

• Personal Communications
$M • Industrial IoT expansion in Key Markets
$912 • New partner solutions
16%
CAGR • Iridium Finished Products [Iridium Edge]

$324 Future
• Iridium Certus IoT Platform/Enabling
Technology
• Partner Development Program
2023 2030 • Continued expansion of the partner
* NSR custom report August 2023 / MSS L-Band
ecosystem [new solutions]

Continue to Execute Growth Initiatives in Personal

Communications and Industrial IoT
 Iridium Certus IoT Platform

IOT / PERSONAL COMMUNICATIONS ENABLING TECHNOLOGY FOR GROWTH

 Iridium Certus IoT Platform

IOT / PERSONAL COMMUNICATIONS ENABLING TECHNOLOGY FOR GROWTH

PERSONAL COMMUNICATIONS
INDUSTRIAL IoT
 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

VECTORS MIDBAND
THROUGH
BROADBAND

2030 USG SERVICES

A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

Apple iPhone Satellite Emergency SOS

Only Satellite D2D Smartphone Capability Available Today….. So Far

Apple Evolves their Satellite Offering

Apple Evolving their SOS Service with Roadside Assistance

and Expanding Coverage to More Countries
Iridium/Qualcomm Snapdragon Satellite is Ready
Iridium/Qualcomm Snapdragon Satellite SOS & More
Android OEMs Capable of Launching TODAY!!
Android OEMs – Clear Path to Satellite D2D

WE ARE READY TO GO!!

EXPANDING MARKETS FOR IRIDIUM
SNAPDRAGON SATELLITE
 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

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A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

VOICE & PTT:
EXPANDING MARKET LEADERSHIP
 Land Mobile – Expanding Market Leadership
NSR Market Projection: 2023-2030 Today
• Handset sales and subscriber growth
$M • Innovative PTT solutions
3%
CAGR $822 • Iridium GO!
$670 • Leverage supply chain advantage

2023
* NSR custom report August 2023 / MSS L-Band
Future
• PTT Focus and Growth
• Leverage competitors’ weakening market
presence and uncertain futures to grow
Handset/Iridium GO! sales and subscriber
2030 growth
• Expansion into new markets/geographies

Continue to Leverage Iridium’s Premium Position

 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

VECTORS MIDBAND
THROUGH
BROADBAND

2030 USG SERVICES

A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

MIDBAND:
GROWTH THROUGH INNOVATION
 Midband – Growth through Innovation
PRODUCT PRICE

Iridium Certus 700

Iridium OpenPort® Broadband
Broadband
Iridium Certus 200
Broadband

Iridium Certus 100

Midband

Narrowband

BANDWIDTH
L
Z
GA UPR
IR A
O
LSR
I ND
U TEID
N HARN
CAOM OTBRIO
NNE L ILT Y
 I o T & P E R S O N A L C O M M U N I C AT I O N S

D I R E C T- T O - D E V I C E

GROWTH VOICE & PTT

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A LT E R N AT E P N T

INVESTMENTS & ACQUISITIONS

MARITIME BROADBAND:
OWNING THE L-BAND
 Maritime – Leader in VSAT Companion Services
NSR Market Projection: 2023-2030 Today
• VSAT companion [IRDM = de-facto standard]
$M 1% • New Iridium Certus hardware
CAGR
$341 • GMDSS
$324 • Autonomous Vessels
• Fleet Solutions – Citadel/Security Upgrades

2023
* NSR custom report August 2023 / MSS L-Band
Future
• GMDSS over Iridium Certus
• VSAT companion sales
• Starlink companion services
2030 • Autonomous Vessel growth
• Ship Security solutions

Expanding Market Share through Leadership in Safety, Security and

Companion Services
AVIATION BROADBAND:
ENABLING NEW PRODUCTS
 Aviation – Building on our Existing Base through
Iridium Certus
NSR Market Projection: 2023-2030 Today

$M • Line fit installation of Iridium Certus

7% • Safety certification/Regulatory progress
CAGR $325
• Securing aftermarket certifications
• Continuing legacy base
$198
Future
• Safety certification
• Iridium Certus equipment in the Market
• Expanding UAVs
2023 2030 • Iridium Certus Aviation expansion in
* NSR custom report August 2023 / MSS L-Band
Commercial Transport, Business Aviation,
Rotorcraft, UAVs and General Aviation

Accelerating Growth in New Aviation Markets

 Iridium – Pathways to Growth

Enabling Technology Enabling Technology Leveraging Iridium’s

expands Personal and New Partner Premium Position and
Communications Market Solutions expands IoT expanding PTT solutions

Maritime Growth in Aviation Growth with expanding

Iridium Connectivity in Safety, Security and Iridium Certus products,
Millions of Smartphones
Companion Services services and safety certification

Strong Path to 2030

Scott Scheimreif
EVP, Government Programs
Long Term Iridium / USG
Partnership

Four Successful Renewals

Over 23 Years

Supporting US DoD,
Civilian & Allies

Platform for Innovation

Catalyst for Growth

Oversight of All Satellite
Capabilities

Negotiated Our $738M

Contract In 2019

Military & Commercial

are Critical to the
Mission

Newly Formed
Commercial Space
Office (COMSO)
 USG EMSS Subscribers & Revenue
160k $120M

140k
$100M

120k

$80M
100k

80k $60M

60k
$40M

40k

$20M
20k

0k -
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Est. Est. Est. Est.
EMSS Revenue EMSS Subscribers

The current Enhanced Mobile Satellite Services (EMSS) contract is a 7-year, $738.5 million contract, awarded in 2019.
 Government Engineering & Support Revenue
$50M

$40M

$30M

$20M

$10M

$M
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Traditional Engineering & Support SDA Revenue 1

1. The SDA awarded GDMS and Iridium a $324 million contract in May 2022.
USG & SPACE INDUSTRY
 USG & Space Industry

“The fact is our industry partners are innovating at unprecedented

rates and in many cases, they are outpacing our demand signals.

We must harvest that innovation to accelerate the space

capabilities we are delivering to the Nation and to our warfighters.”

- Michael A. Guetlein
Lieutenant General, U.S. Space Force
USG & SPACE INDUSTRY
Expanding USG Market
STRATEGIC CAPABILITY FOR USG
 Highly Mobile

Secure

Global

Handheld
Communications
 US Army Blue Force
Tracking

Iridium LEO L-band

Satellites

Outfitting 120K Platforms

Starting in 2025

10-year Effort

Partnering with Key

Industry Players
 USG Direct-to-Device

Leveraging the
Qualcomm Snapdragon
Technology

Smartphones, Sensors,
Unmanned Platforms,
Tactical Radios, etc.

100,000s of Terminals
Starting in 2024
 Building on 23-year
USG Relationship

Leveraging Our Unique

Network

Strategic Industry
Partnerships

Well Positioned for Next

Contract in 2026
SATELLITE TIME & LOCATION SERVICE
 Alternative Position
Navigation & Timing
Satellite Timing & Location Usage Trends
Satelles Partnership

Leveraging Our Unique

Satellite Network

Adoption across Government

& Commercial Markets

Strong Growth Area

with High Margins
2016 2017 2018 2019 2020 2021 2022 2023
IRIDIUM CERTUS FOR US GOVERNMENT
 US Space Force Proliferated
LEO Contract

Dedicated USG Iridium

Gateway

Mid & Broadband Services

Primary, Alternate,
Contingent, Emergency

Unmanned Systems, Ground

Vehicles, Aviation & Maritime

IRIDIUM CERTUS FOR US GOVERNMENT

Outside of Core EMSS Contract
BUILDING ON OUR 23-YEAR
US GOVERNMENT PARTNERSHIP
Suzi McBride
Chief Operating Officer
HEALTHY NETWORK
25+ YEARS OF EXPERIENCE
NETWORK OPTIMIZATION
SUPPLY CHAIN
SMARTLY MOVING TO THE CLOUD
OVER THE AIR UPDATES
Future
 Keys to Operational Success

q Highly Robust & Resilient Network

q Exceptional Service
q 25+ Years of Experience
q Capex Holiday Intact
q Continue to Innovate
Tom Fitzpatrick
Chief Financial Officer
 Capital Allocation Accomplishments
We continue to follow our capital allocation roadmap: We made strategic
investments, repurchased $600M in shares and initiated a dividend

Capital Allocation Roadmap Considerations Achievements

Option
Net Present Value (NPV) ü Executed $60M in investments in
1 Strategic Investments positive at our cost of capital strategically important companies
and strategic importance

ü Returned $600M in capital to shareholders

NPV positive based on through repurchases. Authorized additional
2 Share Repurchases intrinsic value $400m for a total of $1B so far

Recurring dividends must be ü Initiated a $0.13 per share quarterly dividend

sustained through next to provide a systematic return of capital to
3 Dividend/Special Dividend generation construction period shareholders. Ample room to maintain and
grow through next construction cycle

2023 2024 2025

2023 INVESTOR DAY

 Capital Structure Overview
We’ve accomplished several significant milestones in our capital
structure that set us up well for continued growth and value creation
Financial Profile Achievements
Reduced Net Leverage1 Delivering on Capex Holiday2 Reduced Interest Costs3
($ millions) ($ millions)
5.2x $391
4.8x $115

3.9x $94
3.4x $80
3.2x $74
~3.0x
$65

$118

$71
$60
$39 $42

2018 2019 2020 2021 2022 2023E 2018 2019 2020 2021 2022 2023E 2019 2020 2021 2022 2023E

ü Reduced leverage from 5.2x (2018) to around ü Maintaining the capex holiday post- ü Evolved capital structure to reduce interest
3x (2023E) and paid down $100M in debt next generation constellation launch costs, raise corporate credit rating, and
provide more flexibility
1. Net Leverage quoted as a multiple of OEBITDA and calculated by taking the sum of existing credit facilities, less cash, cash equivalents and marketable
securities. 2023 guidance assumes the full effect of Iridium's total $1.0 billion in authorized share repurchases and payment of quarterly dividends.
2. Capital Expenditures exclude launch cost of 5 spare satellites in 2023. 2023 INVESTOR DAY
3. Interest costs represent gross interest paid, excludes interest received.
 Update on Credit Facility
Completed full refinancing of credit facility in September 2023, extending
maturity runway by ~4 years and further lowering all-in coupon cost

1. Credit Spread Adjustment (CSA) of 10 basis points.

2023 INVESTOR DAY
 Historical Perspective & Prospects
Our total service revenue has a ~9% CAGR from 2017-22 and we see
solid drivers contributing to our growth from 2023-30
Recurring Revenue by 2022 2017-22
Actual CAGR 2023-30 Growth Drivers
Reporting Segment
Favorable Competitive Environment, PTT, and
Commercial Voice & Data $193M 4.5%
New Midband Offerings
Personal Communications, Industrial IoT, and
Commercial IoT $125M 11.0%
New Midband Offerings
Continued Market Share Capture, Penetrate
Commercial Broadband $51M 17.6%
Aviation
Hosted Payload & Other Data $60M 43.1% Direct-to-Device; Satellite Timing & Location
Services

Commercial Services $429M 10.4%

U.S. Government $106M 3.8% Favorable EMSS Contract Renewal

Total Service Revenue $535M 8.9%

2023 INVESTOR DAY
 Revenue Outlook
We expect strong service revenue growth from 2023 to 2030, with IoT,
Midband, and D2D providing the tailwinds for high single digit growth
Service Revenue Outlook Key Growth Drivers

1. IoT: Personal Communications

~$1B
and Industrial IoT continuing to
grow while new midband offerings
stimulates growth
$588M1 2. D2D: Expect significant adoption
3. Telephony: Favorable competitive
environment along with PTT
expansion
4. Midband: New offering across all
verticals
5. Tuck-in Acquisitions: Companies
that can drive additional growth
on our network

1. Represents midpoint of Service Revenue guidance range

2023 INVESTOR DAY
 Iridium Financial Outlook 2023-2030
As we look out to 2030, several assumptions underpin our perspective on
the free cash flow generation and capacity for shareholder returns

2023-30 Plan Assumptions

• Uphold Capex holiday

• Scale OEBITDA based on operating leverage
• Grow levered free cash flow
• Equipment sales moderate from 2022 record level
• Maintain gross debt profile through 2030 (exclusive of acquisitions)
• Maintain and grow dividend
• Opportunistically repurchase shares

F L E X I B I L I T Y F O R S T R AT E G I C I N V E S T M E N T S I F C O M P E L L I N G

2023 INVESTOR DAY

 Tax Profile
Based on our OEBITDA forecast, we estimate exhausting our NOLs in 2028
and begin paying the blended cash tax rate of ~23%

Projected Cash Tax Timeline ~23%

Estimated Cash Tax Rate

Tax Rate
s
a l ly a
u
g rad d
p te to
te p u haus ted
s ex c
ta xes are e xpe
Ca
sh OLs
N x rate 028
a 2
tory t % in
tu 3
d sta ch ~2
l ende rea
B
Negligible Cash Taxes through 20241
2023 2024 2025 2026 2027 2028+

1. Cash taxes are estimated to be less than 1% of Operational EBITDA in this period.
2023 INVESTOR DAY
 Net Leverage
Our net leverage profile continues to decline, falling below 2.0x
OEBITDA by the end of the decade

Net Leverage1 Considerations

~3.0x

<2.5x
<2.0x • OEBITDA growth continues to
drive lower leverage levels

• Capital allocation will be focused

on growth opportunities and
shareholder returns

2023 2026-29(E) 2030(E) Exit

1. Net Leverage estimates quoted as a multiple of Operational EBITDA. Net debt is calculated by taking the sum of existing credit facilities, less cash, cash equivalents
and marketable securities. 2023 guidance assumes the full effect of Iridium's total $1.0 billion in authorized share repurchases and payment of quarterly dividends.
2023 INVESTOR DAY
Iridium Financial Outlook 2023-2030
Our revenue and OEBITDA growth profile generates around $3B
in capacity for shareholder returns from 2023-30 (while de-levering a full turn)

2023-30 Capacity for Shareholder Returns and Strategic Investments

~$3B

Capacity to return ~50% of

current market cap over the
period 1

1. Capacity based upon estimated free cash flow from 2023-30, inclusive, and based upon market capitalization as of September 15, 2023.
2023 INVESTOR DAY
Q&A